Advance Auto Parts (AAP) Given New $205.00 Price Target at Morgan Stanley

Advance Auto Parts (NYSE:AAP) had its price target boosted by Morgan Stanley from $195.00 to $205.00 in a research report sent to investors on Tuesday morning, Marketbeat reports. They currently have an overweight rating on the stock.

Other analysts also recently issued reports about the stock. Guggenheim set a $156.00 target price on shares of Advance Auto Parts and gave the stock a buy rating in a research report on Friday, July 13th. Wedbush set a $175.00 target price on shares of Advance Auto Parts and gave the stock a buy rating in a research report on Wednesday, August 15th. Argus boosted their target price on shares of Advance Auto Parts from $155.00 to $184.00 and gave the stock a buy rating in a research report on Monday, September 17th. They noted that the move was a valuation call. Deutsche Bank boosted their target price on shares of Advance Auto Parts from $155.00 to $171.00 and gave the stock a buy rating in a research report on Wednesday, August 15th. Finally, Royal Bank of Canada boosted their target price on shares of Advance Auto Parts to $154.00 and gave the stock an outperform rating in a research report on Thursday, July 12th. Eight research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Advance Auto Parts presently has an average rating of Buy and an average target price of $155.11.

AAP stock traded down $1.27 during trading hours on Tuesday, hitting $171.18. The company’s stock had a trading volume of 1,202,305 shares, compared to its average volume of 1,277,637. The company has a quick ratio of 0.48, a current ratio of 1.63 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $12.63 billion, a price-to-earnings ratio of 31.88, a P/E/G ratio of 1.99 and a beta of 1.04. Advance Auto Parts has a 12 month low of $80.00 and a 12 month high of $174.71.

Advance Auto Parts (NYSE:AAP) last posted its earnings results on Tuesday, August 14th. The company reported $1.97 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.86 by $0.11. The company had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.26 billion. Advance Auto Parts had a net margin of 5.68% and a return on equity of 13.43%. The company’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.48 earnings per share. On average, research analysts expect that Advance Auto Parts will post 6.97 EPS for the current fiscal year.

Advance Auto Parts announced that its Board of Directors has authorized a share buyback program on Tuesday, August 14th that permits the company to repurchase $600.00 million in shares. This repurchase authorization permits the company to repurchase up to 5.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

In other news, Director Nigel Travis acquired 1,250 shares of Advance Auto Parts stock in a transaction dated Friday, August 17th. The stock was acquired at an average cost of $159.70 per share, for a total transaction of $199,625.00. Following the completion of the purchase, the director now owns 1,250 shares of the company’s stock, valued at $199,625. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.50% of the stock is currently owned by insiders.

A number of large investors have recently added to or reduced their stakes in the stock. Advisor Partners LLC raised its stake in Advance Auto Parts by 14.4% during the 3rd quarter. Advisor Partners LLC now owns 2,443 shares of the company’s stock valued at $411,000 after purchasing an additional 307 shares during the last quarter. Penserra Capital Management LLC raised its stake in Advance Auto Parts by 16.5% during the 3rd quarter. Penserra Capital Management LLC now owns 2,208 shares of the company’s stock valued at $371,000 after purchasing an additional 312 shares during the last quarter. Janus Henderson Group PLC raised its stake in Advance Auto Parts by 1.7% during the 2nd quarter. Janus Henderson Group PLC now owns 20,914 shares of the company’s stock valued at $2,838,000 after purchasing an additional 357 shares during the last quarter. Daiwa Securities Group Inc. raised its stake in Advance Auto Parts by 15.2% during the 3rd quarter. Daiwa Securities Group Inc. now owns 2,867 shares of the company’s stock valued at $483,000 after purchasing an additional 379 shares during the last quarter. Finally, BB&T Corp raised its stake in Advance Auto Parts by 16.7% during the 3rd quarter. BB&T Corp now owns 2,713 shares of the company’s stock valued at $457,000 after purchasing an additional 389 shares during the last quarter.

About Advance Auto Parts

Advance Auto Parts, Inc provides automotive replacement parts, batteries, accessories, and maintenance items for domestic and imported cars, vans, sport utility vehicles, and light and heavy duty trucks. It offers battery accessories, belts and hoses, brakes and brake pads, chassis and climate control parts, clutches and drive shafts, engines and engine parts, exhaust systems and parts, hub assemblies, ignition components and wires, radiators and cooling parts, starters and alternators, and steering and alignment parts.

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Analyst Recommendations for Advance Auto Parts (NYSE:AAP)

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